AssetTrackr - Telematics IOT Startup Helping Businesses Across Sectors
AssetTrackr is looking out for strategic investments and partnerships that will enable them to accelerate their revenue growth plans.
AssetTrackr is Indian telematics IOT startup helping businesses track their mobile assets, analyse operations, and optimize the resource utilization to improve business efficiency. They provide solutions such as enterprise-class, cloud hosted software designed in-house, and the company’s own and OEM hardware devices for tracking, coupled with industry-leading analytics capability that is embedded in the AssetTrackr platform. The company is recognized as a premium service provider in the market generating significant business with repeat orders and customer referrals.
AssetTrackr was officially incorporated in 2013. Back in 2012, when Ashok Yerneni was heading the telematics business unit of a large MNC and investigating the market opportunity for India, he realized that the market was very fragmented with a few enterprising businessmen importing Chinese hardware and remarketing with simply a Windows application. There were no credible, enterprise-level solutions. He met co-founders Vikas Minda and Abhijit Das through a mutual introduction. They are experts in enterprise applications development and decided to build-out the solution grounds-up and embarked on it.
The start and challenges
AssetTrackr received an angel funding of $500,000 from Kiran Basani, CEO of AddOnUSA, an American enterprise solutions company, Prasad BVN, VP (sales operations & business consulting APAC), Aspen, a supply chain software company, and another (unnamed) US-based investor helping them to expand their service offerings.The company has gained 300-plus clients in less than a 3-year period from across sectors – Roads & Highways, Courier & Logistics, eCommerce, FMCG, Transport, Finance, Healthcare, News & Media amongst others. Prominent names include GMR Highways, bigbasket, SPAR supermarkets, Emami-FrankRoss, DTDC, Tata Capital and ITC and continues to expand the service offering.
Taking the 'old-school' approach of being prudent with its cash-burn, AssetTrackr focused on unit economics and driving growth through revenues. This worked well for the company and helped them perfect the product without burning through cash and reach profitability. They focused on showing customers business value and customer service and also did not discount heavily to fight off competition. One challenge that the company faced was that of losing out some customers due to pricing pressure from companies offering solutions without sustainable business models.
AssetTrackr's software is architected to be highly modular. The company can add new technologies (like BLE, RFID etc.), devices and sensors (temp, fuel, moisture, IOT Sensors, Id keys, etc.) very easily and customize features and workflows based on customer need. The software is enterprise class and provides all the enterprise-level features expected. The AssetTrackr team has spent a significant amount of time understanding and distilling customer requirements. Typically, most of the customers find that 90% of their requirements are met out of the box. AssetTrackr's focus on unit economics early on helped them stay lean and efficient and reach profitability.
Market size and opportunity
AssetTrackr has been continuously innovating and expanding into applications in IOT space, value-added services on top of the base platform servicing the delivery dispatch management (Zoblite) needs for logistics and delivery companies, and developing a direct-to-consumer product (SafeKar) for personal vehicles (driver-driven or self-driven). AssetTrackr is also partnering with some major companies to enhance its footprint beyond India.According to a Telematics Wire report, the industry is expected to reach $113.7 million by 2018 with a CAGR of 22% from 2013 to 2018. There are other players within the broad segment such as MapMyIndia, Trak N Tell, and Arya OmniTalk. The company, however believes that ithas the most comprehensive and flexible IOT solution that can address a variety of situational needs.
What the future holds
AssetTrackr is looking out for strategic investments and partnerships that will enable them to accelerate their revenue growth plans. With their multi-product portfolio and solutions across sectors, the company expects to accelerate revenues. AssetTrackr has always believed in demonstrating business value to its customers and become not only a technology company deploying tech solutions but also a solutions enabler demonstrating business value to customers.
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